Cybersecurity: The corporate sector’s hidden war

With 42.8 million cyber-attacks recorded in 2014, Cybercrime is becoming the key security issue facing companies. Initially, antiviruses were the main weapon of defense and hacking was unheard of. Businesses today are increasingly networked and vulnerable to cyber-attacks. Spire’s CEO Leon Perera delivered the keynote address to a cyber-security event co-organized by Juniper Networks and LGA Telecom to discuss cyber risks and how to mitigate them.

Leon Perera, Chief Executive Officer (CEO) of Spire Research and Consulting group, was privileged to deliver the keynote speech at the Executive Breakfast event organized by Juniper Networks and LGA Telecom Pte Ltd on 22 July 2015 in Singapore. In his presentation, he shared a brief overview on cybercrime and strategies businesses should adopt to mitigate risks.

Perera mentioned that, cyber-threats can cause financial and reputational damages as well as shake employee confidence for a company. Significant cyber risks include Data theft, Malware, Denial of Service (DoS) attacks as well as reputational attacks that arise from both external and internal sources.

The range of cyber-attacks has been expanding. Common culprits include hacking, phishing, Man in the middle attack (MITM), Malware, Botnets and Denial of Service attacks. The advent of the Internet of Things (IoT) – a technology that connects physical devices to the internet – presents a whole new risk landscape. Riddled with basic security flaws such as weak passwords, unencrypted network services and insecure interfaces, sustainable long-term security for the IoT is an uphill task.

Nonetheless, cyber-attacks aimed at businesses can be mitigated. This requires strong leadership from the senior management, ensuring silo-less cooperation, emergency preparedness and contingency planning for a robust risk mitigation strategy. At this point, it also becomes crucial for businesses to analyze the Return on Investment (ROI) for cybersecurity.

Perera’s presentation deck on “Cybersecurity: What’s at stake?” can be found here.